NEWS RELEASE 11/15/11

The Financial Accounting Foundation Reappoints Jan I. Sylvis to a Second Term on the GASB

Norwalk, CT, November 15, 2011—The Financial Accounting Foundation (FAF) today announced that Jan I. Sylvis has been appointed to a second, five-year term as a member of the Governmental Accounting Standards Board (GASB) beginning July 1, 2012. The reappointment was made by the FAF Board of Trustees, which oversees the activities of the GASB and the Financial Accounting Standards Board.

“Jan Sylvis has been a tremendous asset to the GASB,” said John J. Brennan, chairman of the FAF Board of Trustees. “Her extensive knowledge of state and local governments and their financial issues is well demonstrated in her work and will continue to serve the GASB and its constituents well.”

Robert Attmore, chairman of the GASB, added: “Jan brings an indispensable talent to the GASB team and has displayed a steadfast commitment to improving accounting standards throughout her tenure. I am pleased that she will continue to serve the GASB.”

Ms. Sylvis was appointed to her first term as a member of the GASB on April 26, 2007. Chief of accounts for the state of Tennessee since 1995, she serves as the state’s controller and manages its centralized accounting system. Since 1979, she has held a variety of senior accounting positions with the state, including director of auditing and consulting services. Ms. Sylvis is a past president of the National Association of State Auditors, Comptrollers and Treasurers and the National Association of State Comptrollers. She also was a member of the American Institute of Certified Public Accountants’ (AICPA) State and Local Government Expert Panel.

A CPA and author of numerous essays about government financial matters, Ms. Sylvis holds a bachelor’s degree in business administration from the University of Memphis.

About the Financial Accounting Foundation

The FAF is responsible for the oversight, administration, and finances of both the Financial Accounting Standards Board (FASB) and its counterpart for state and local government, the Governmental Accounting Standards Board (GASB). The Foundation is also responsible for selecting the members of both Boards and their respective Advisory Councils.

About the Governmental Accounting Standards Board

The GASB is the independent, not-for-profit organization formed in 1984 that establishes and improves financial accounting and reporting standards for state and local governments. Its seven members are drawn from the Board’s diverse constituency, including preparers and auditors of government financial statements, users of those statements, and members of the academic community. More information about the GASB can be found at its website www.gasb.org.